INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-6 - THE IMPUTATION SYSTEM  

Division 214 - Administering the imputation system  

SECTION 214-15   Effect of a refund on franking returns  

If no franking return is outstanding

214-15(1)  
If:


(a) the entity receives a refund of income tax; and


(b) the receipt of the refund gives rise to a liability, or an increased liability, to pay franking deficit tax because of the operation of subsection 205-30(2) or (3) of this Act; and


(c) when the refund is received, the entity does not have a franking return that is outstanding for the balancing period in which the liability arose;

the entity must give the Commissioner a franking return for the period within 14 days after the refund is received.

Refund received within 14 days before an outstanding franking return is due

214-15(2)  
If:


(a) the entity receives a refund of income tax; and


(b) the receipt of the refund gives rise to a liability, or an increased liability, to pay franking deficit tax because of the operation of subsection 205-30(2) or (3) of this Act; and


(c) when the refund is received, the entity does not have a franking return that is outstanding for the balancing period in which the liability arose; and


(d) the entity receives the refund within the period of 14 days ending on the day by which the outstanding return must be given to the Commissioner;

the entity may, instead of accounting for the liability, or increased liability, in the outstanding return, account for it in a further return given to the Commissioner within 14 days after the refund is received.

Meaning of outstanding

214-15(3)  
A franking return for a balancing period is outstanding at a particular time if each of the following is true at that time:


(a) the entity has been required to give a franking return for the period;


(b) the time within which the franking return must be given has not yet passed;


(c) the franking return has not yet been given.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.